The government introduces unified safe harbours, faster APAs, and reduced litigation burdens to enhance certainty for multinational enterprises.
Even under the new tax regime, employer contributions to NPS remain deductible under Section 80CCD(2). This reduces taxable income and helps build long-term retirement savings.
Budget 2026 introduces a six-month window to regularise undisclosed foreign assets with reduced penalties and immunity under the Black Money Act.
The ITAT Bangalore held that penalty under Section 270A for alleged underreporting and misreporting of income could not survive once the Karnataka High Court condoned the delay in filing the return and restored the assessee’s eligibility for deduction under Section 80IA.
Sections 15–17 define salary broadly to include allowances, perquisites, and retirement benefits. Tax is charged on the earlier of due or receipt basis.
The Court held that spectrum licences are sovereign privileges, not proprietary assets under IBC. This limits creditor claims and shifts disputes to telecom regulatory forums.
The ITAT Bangalore held that the entire cost of construction claimed by the assessee while computing capital gains on sale of property could not be outrightly disallowed merely due to lack of complete supporting documents.
The exemption is rooted in constitutional provisions and Sections 2(1A) and 10(1) of the Income-tax Act. Courts have clarified that only genuine agricultural operations qualify for tax relief.
The ITAT Bangalore held that reopening of assessment was invalid as it was based on an incorrect assumption that the assessee had claimed bogus long-term capital gains (LTCG) from penny stock transactions.
ITAT Bangalore quashed Sec.263 revision, holding AO had examined Model House and ₹9.68 cr expenses in detail; mere change of opinion cannot justify revision.
